The price of Bitcoin (BTC) is continuing to range between $48,000 and $51,000, unable to break out of the $51,600 resistance level.
If Bitcoin struggles to surpass the $51,600 resistance area in the near term, technical analysts say the probability of a correction rises.
BTC/USDT 4-hour price chart (Binance). Source: TradingView
$51,600 is the key level to watch
According to Josh Olszewicz, a cryptocurrency trader and technical analyst, the $51,600 level is currently acting as a strong resistance level.
For Bitcoin to retest the all-time high at $58,000 and initiate a potential rally towards $62,000, it needs to cleanly move past $51,600, he explained.
Hence, a rally beyond $51,600 is the clear invalidation point for any short-term bearish scenario for Bitcoin.
The failure to break out in the near term could result in a bearish test of lower support areas, found at around $42,000. He said:
“If 4h breaks down, be prepared for some uber bearish calls to start popping at 36.7k meanwhile, I’ll be bidding the daily Kijun at Title: What Bitcoin price levels will invalidate the short-term bearish scenario?
Sourced From: cointelegraph.com/news/what-bitcoin-price-levels-will-invalidate-the-short-term-bear-scenario
Published Date: Thu, 25 Feb 2021 09:00:00 +0000